Citigroup has opened its new hub for junior investment bankers in the beachside Spanish city of Málaga, insisting the move is more than a gimmick as Wall Street lenders battle for young talent amid criticism of burnout in banking.
In an effort to attract more applicants, Citi is offering 27 analysts the opportunity for a career in banking with its new two-year programme starting on Wednesday. The company said that they will be working eight hours per day and given free weekends as part of their job description; these benefits seem like perfect incentives when considering how demanding seven day weeks can get at this point! By locating its office here in Malaga (a sunny city located far south along Spain’s Mediterranean coast) – which also happens provide access not only traditional culture but delicious food too!–the US bank indicates intentionality towards providing individuals who do wish return eventually
So far, so good – but can Citigroup really pull off this experiment? And even if it does manage to come out on top in the battle of young banking professionals’ burnout levels with well-documented issues throughout society at large (not just Wall Street), is that enough for them?
Citigroup’s new Málaga hub is an interesting experiment that could lead to better Burnout rates among young bankers. The fact they’re trying something like this shows banks are taking the issue of burnout seriously and should be commended for it!
And that can only be a good thing.
At Citi, Manolo Falcó, the bank’s global co-head of banking, capital markets and advisory, announced that the key driver behind many junior-level departures is the search for a better work-life balance. In response to this, the bank has unlimited holiday for senior staff and raised starting salaries. Meanwhile, Jane Fraser, the CEO of Citi and the first woman to lead a Wall Street bank, called for Zoom-free Fridays last year as a way to reset from the “relentlessness of the pandemic workday”
Goldman Sachs has also made changes to try and improve its work culture. The bank now offers senior staff unlimited holiday, while also raising starting salaries. These changes come as the pandemic has highlighted strains in banking’s infamously tough work culture
It is clear that the search for a better work-life balance is a key driver behind junior banker departures. With banks taking steps to improve the work-life balance of their employees, it remains to be seen if this will be enough to stem the tide of departures. Only time will tell.
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